Sagimet Biosciences hits record high as liver disease drug meets interim trial goal

Sagimet Biosciences

22/01/2024 15:29

(Updates)
    ** Shares of drug developer Sagimet Biosciences  SGMT.O 
more than double to record high of $16 
    ** Co says its experimental fatty liver disease drug met the
main goal of a mid-stage trial 
    ** The experimental drug called denifanstat helped in
significantly reducing symptoms of the disease including fat
accumulation, inflammation, and fibrosis compared to placebo
     ** Co says safety profile of the drug observed in study
supports further development
    ** Most commonly reported adverse events were eye disorders,
gastrointestinal disorders and skin disorders and were all mild
to moderate in nature - SGMT   
    ** Co says 19.6% patients in the treatment group who
experienced treatment-related side effects stopped taking the
drug compared to 5.4% patients in the placebo group
    ** SGMT to hold a meeting with the U.S. FDA to start
late-stage study of the drug in second half of 2024
    ** Stock has fallen 57.1% since its Nasdaq debut in July
2023 
    

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))